January 26, 2010
Donors Can Still Give And Get ‘09 Deduction
Nonprofits fundraising for Haitian relief have something for donors to sweeten the pot. Donors will be able to take the donation off their 2009 tax returns.
President Barack Obama signed into law H.R. 4462, which allows taxpayers to accelerate the income tax benefits for certain charitable cash contributions made before March 1, 2010, for the relief of victims of the earthquake in Haiti.
Previously, the deductions would have to be taken from 2010’s tax returns. The top Democrat, Sen. Max Baucus, D-Mont., and Republican, Chuck Grassley, R-Iowa, on the tax-writing Senate Finance Committee, sponsored the bill. A similar bill was passed in 2005, after the 2004 Indian Ocean tsunami.
“Americans give generously to disaster relief, and I hope this extension will encourage them to give even more,” Grassley said in a statement. “I also hope Americans will make sure the charities they choose are above board. After the 2005 tsunami, some con artists were quick to try to turn a profit on the tragedy. People should be careful to give only to groups they recognize and trust.”
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